Assessment u/s 153A - excess jewellery found in the residence of ...

Taxpayer's Income Adjusted: Section 153A Search Reveals Excess Jewelry; Addition to Income Limited to Taxpayer's Share.

March 23, 2021

Case Laws Income Tax AT

Assessment u/s 153A - excess jewellery found in the residence of the assessee during the search - all the family members are income tax payee and are filing their respective income tax returns. Therefore, the addition so made in the hands of assessee needs to be reduced on this score. Hence, we direct the A.O. to make addition in respect of unexplained jewellery on pro-rata basis and restrict the additions in the hands of assessee of his share alone. - AT

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Assessment u/s 153A - excess jewellery found in the residence of ...

Taxpayer's Income Adjusted: Section 153A Search Reveals Excess Jewelry; Addition to Income Limited to Taxpayer's Share.

March 23, 2021

Case Laws Income Tax AT

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